Credo Technology Group (NASDAQ:CRDO) Stock Price Up 1.8% – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares rose 1.8% on Monday. The company traded as high as $181.14 and last traded at $172.81. 7,340,977 shares were traded during trading, a decline of 3% from the average session volume of 7,588,564 shares. The stock had previously closed at $169.70.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CRDO shares. Barclays boosted their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Zacks Research downgraded shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, August 3rd. Bank of America decreased their target price on shares of Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a research report on Wednesday, September 2nd. Susquehanna upped their target price on shares of Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Finally, TD Cowen upped their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $262.67.

Credo Technology Group Stock Performance

The company has a 50-day moving average of $201.57 and a 200 day moving average of $206.74. The firm has a market cap of $32.24 billion, a P/E ratio of 61.04, a P/E/G ratio of 0.69 and a beta of 3.25.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The firm had revenue of $479.00 million for the quarter, compared to analysts’ expectations of $473.30 million. During the same period in the prior year, the business posted $0.52 earnings per share. The business’s revenue was up 114.7% compared to the same quarter last year. Sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CTO Chi Cheng sold 27,500 shares of the company’s stock in a transaction dated Tuesday, October 13th. The shares were sold at an average price of $192.99, for a total value of $5,307,225.00. Following the sale, the chief technology officer owned 5,607,397 shares of the company’s stock, valued at approximately $1,082,171,547.03. This represents a 0.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Lam sold 50,000 shares of the company’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $205.22, for a total transaction of $10,261,000.00. Following the completion of the sale, the chief operating officer directly owned 2,254,169 shares in the company, valued at approximately $462,600,562.18. The trade was a 2.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 441,286 shares of company stock worth $88,910,653 in the last three months. Company insiders own 9.06% of the company’s stock.

Institutional Trading of Credo Technology Group

Several large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in Credo Technology Group by 2.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,986 shares of the company’s stock valued at $387,000 after buying an additional 51 shares during the last quarter. City Center Advisors LLC increased its stake in shares of Credo Technology Group by 2.1% in the 2nd quarter. City Center Advisors LLC now owns 2,595 shares of the company’s stock valued at $706,000 after buying an additional 53 shares during the period. Versant Capital Management Inc increased its stake in shares of Credo Technology Group by 8.0% in the 2nd quarter. Versant Capital Management Inc now owns 755 shares of the company’s stock valued at $205,000 after buying an additional 56 shares during the period. Prentice Wealth Management LLC raised its position in shares of Credo Technology Group by 7.5% during the third quarter. Prentice Wealth Management LLC now owns 1,038 shares of the company’s stock worth $202,000 after acquiring an additional 72 shares during the last quarter. Finally, TD Waterhouse Canada Inc. raised its position in shares of Credo Technology Group by 28.1% during the third quarter. TD Waterhouse Canada Inc. now owns 337 shares of the company’s stock worth $71,000 after acquiring an additional 74 shares during the last quarter. 80.46% of the stock is owned by institutional investors.

About Credo Technology Group

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.